Foreclosed Properties on Sale in New Jersey Get Attention
The number of foreclosed properties on sale in New Jersey has been rising and now getting more attention from state officials and housing advocates.
As shown in a recently released report on nationwide foreclosures for the July to September quarter, New Jersey had over 18,000 of its households notified of default and foreclosure. With a foreclosure rate of one in every 193 residential units, New Jersey ranked 15th among states based on pace of foreclosure.
What is also disturbing about New Jersey is the rate of its increase in foreclosure rate. While its foreclosure rate in the July to September quarter was just around one-percent higher than its rate last year, it was higher than the previous quarter by a staggering 44.6 percent. This means that while the state was not significantly affected at the start of the foreclosure crisis, it is now experiencing difficulties that are driving more residents to foreclosure.
Another serious problem that has reached the offices of housing advocates is the unlawful eviction of tenants from distressed properties on sale.
According to officials at the Public Advocate Department of New Jersey, they have already helped over 160 renters who were being evicted illegally from properties in foreclosure. Some renters were being notified by bank representatives that they had to move out of the premises immediately while others were being evicted by sheriffs or were seeing their utilities cut off.
There are laws against unlawful eviction in New Jersey, but banks and real estate agents have been successful in evicting renters because many renting families are not aware that anti-eviction laws exist.
To protect renters throughout the state, the Public Advocate Department has launched a statewide campaign to inform renters about anti-eviction laws and their rights as tenants. They are making renters aware that they have the right to refuse coercive methods such as cash-for-keys, particularly if the cash being offered does not even fully cover the security deposits and advance rents paid.
The department has also notified utility companies to continue providing service to renters even if property owners have stopped paying the bills.
Ronald Chen, who became the first New Jersey Public Advocate in 13 years, issued a proposal that would make renters more prepared in case of foreclosure. He recommended that the courts require lenders to notify renters of the pending foreclosure before courts allow the rentals to become foreclosed properties on sale.
Related Posts:
- Rights of Buyers of Repossession Houses Also Protected
- Tenants of Foreclosure Properties on Sale Suffer Most
- How Sheriffs Deputies Carry Out Foreclosure Home Evictions
- A Look at Efforts to Curb New Jersey Foreclosure Properties
- Nearly $50 M in Bonds to Address Foreclosed Properties in CA Cities
